Induction furnace re-bar prices declined by INR 100-500/t, d-o-d. Manufacturers tried to keep prices stable, offering discounts depending upon spot buying enquiries. Market participants informed that re-bar trade and demand were impacted by higher prices, which pressured sellers to lower offers. Given the uncertainty in semi-finished steel prices, instead of booking bulk volumes traders are procuring limited quantities. Prices are expected to remain weak or fluctuate marginally.
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